Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, said Monday it will lower certain main crude oil prices in July, compared with June.
According to a price list from the Saudi state-owned oil giant, North West Europe and Mediterranean price tags were reduced by $10.
Meanwhile, prices of its crude grades for buyers in North America were cut by $2, while those for Asian buyers were lowered by $6.
The US and Iran remained at an impasse heading into the weekend, with Tehran insisting on a ceasefire in Lebanon before reaching any deal and demanding the unfreezing of $24 billion in assets, Bloomberg reported Friday.Iran's Foreign Minister Abbas Araghchi said there had been "no tangible progress" in talks, while a military adviser to Supreme Leader Ayatollah Khamenei told CNN "the ball is in Trump's court," according to the report.President Trump struck an optimistic tone Friday, telling reporters "we're having great success with Iran," while oil prices fell more than 2% with US crude trading near $90 a barrel, Bloomberg said.No commercial transits through the Strait of Hormuz were observed Friday morning, the report added.
Iran's threat to close the Bab el-Mandeb Strait could further disrupt global oil supplies by cutting off a key route that has helped offset losses from the closure of the Strait of Hormuz, CNBC reported Friday.The Red Sea chokepoint has become increasingly important for Saudi crude exports to Asia, with oil and product shipments through the waterway rising to 7.2 million barrels per day in April from 3.9 million barrels per day in February, according to Kpler data cited by CNBC.Iran's Revolutionary Guard threatened to close the strait this week if Israel does not halt military operations in Gaza and Lebanon.Kpler analyst Matt Smith said such a move would represent a significant escalation and have a major impact on oil markets.
The Standard & Poor's 500 index fell 2.6% this week, its first weekly loss since March, as stronger-than-anticipated May payrolls boosted bets that the Federal Reserve will raise rates this year.The S&P 500 ended Friday's session at 7,383.74, breaking a winning streak that had gone on for nine weeks, the market benchmark's longest such run since 2023. The S&P 500 is now up 7.9% this year.The S&P 500 on Tuesday set new intraday and closing highs over 7,600. The gains were erased later in the week after the Labor Department released its May employment data on Friday.The jobs report showed nonfarm payrolls rose by 172,000, well above the 88,000 increase expected in a survey compiled by Bloomberg. April and March payrolls also received upward revisions for a net upward revision of 93,000 jobs. However, the May unemployment rate remained at 4.3%, as expected.The probability of a 25-basis-point increase in interest rates in December rose to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%. For October, the data showed an increase to 39% from 25%.The consumer discretionary sector had the largest percentage drop of the week, falling 6.2%, followed by a 5.4% loss in technology and a 3.9% slide in communication services. Materials shed 1.2% while utilities edged lower.Ford Motor (F) was hit hardest in consumer discretionary, losing 15%. The automaker reported its total US vehicle sales fell 13.6% year over year in May to 190,828 vehicles. Internal combustion vehicle sales fell 12.3% while hybrid and electric vehicle sales were down 15.7% and 43.9%, respectively, the company said.Also weighing on consumer discretionary, Lululemon Athletica (LULU) shares fell 13%. The athletic apparel retailer forecast fiscal Q2 earnings per share and revenue below analysts' expectations despite its fiscal Q1 results slightly topped Street views. Lululemon Athletica also trimmed its 2026 guidance.In the technology sector, Ciena (CIEN) had the largest percentage drop of the week, falling 16%. The drop came even as the networking systems and software company provided an upbeat fiscal third-quarter revenue outlook and its results topped market estimates.Broadcom (AVGO) also weighed on the technology sector as its stock declined 14%. The chip designer reported fiscal second-quarter results above Wall Street's estimates as its artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions. However, analysts at RBC Capital Markets and UBS said investors were disappointed that the company only reiterated its its 2027 artificial intelligence guidance rather than raising it.On the upside, the energy sector rose 2.5%, followed by a 2.3% gain in health care, a 1.5% rise in real estate and a 1.3% increase in financials. Consumer staples and industrials also edged higher.Marathon Petroleum (MPC) had the largest weekly percentage increase in the energy sector, climbing 5.3%. The company reported it swung to a larger-than-expected Q1 adjusted net profit from a year-earlier loss while revenue also topped expectations.Next week, earnings are expected from companies including Oracle (ORCL) and Adobe (ADBE).Economic data will include the May consumer price index as well as the May producer price index.